Old Mutual lines up two new power projects…Asset Management unit increases stake in Nampak
By Insurance24
HARARE, Financial services group and insurance giant Old Mutual Zimbabwe has lined up two new power projects much similar to the commissioned 1.6 MW Kupinga mini-hydro in Manicaland province.
The Kupinga project was commissioned last year at an investment of $5.8 mln into the project.
Meanwhile, group chief executive officer Jonas Mushosho recently said that two new power projects will be embarked upon as part of the group’s $1 bln worth of infrastructure projects the group has lined up.
“Two new power projects similar to Kupinga will be coming up. This is part of the $1 bln worth of infrastructure projects that we have lined up,” he said.
He said Kupinga secured a 20 year power purchase agreement with the Zimbabwe Power Company (ZPC) at a cost of 14c/kw. The group has a 40% ownership of the project. The project has a return rate of 17%.
OMZIL also intends to construct solar power projects with capacity to generate at least 50 megawatts. The projects entail the construction of two solar power plants in Gwanda and Chipinge.
Other projects currently being financed by Old Mutual include its SME Centre which is now over 90% complete and is targeted for completion during the second half of 2018.
Meanwhile, Old Mutual Asset Management has increased its stake in Zimbabwe Stock Exchange listed packaging company Nampak following acquisition of a stake that was held by TSL Limited through a block trade in Nampack in today’s session of trading on the ZSE.
The transaction saw a total 124 905 900 exchanging hands at 12c. Recently at an annual general meeting, former CEO Washington Matsaira classified the investment as available for sale, waiting for attractive offer. Now only TSL’s Cut Rag remain as available for sale.
The mid week session saw turnover spiking to $15.3 mln largely as a result of a block trade in Nampak.
The All Share Index added a marginal 0.17 points on the back of gains in beverage giant Delta and Old Mutual.
Delta gained $0.0125 to close at $1.6000 and Old Mutual was up by $0.0096 to close at $5.6296. Nampak shed $0.0001 to end at $0.1649 while Econet, Innscor, Riozim and Seedco traded unchanged at $0.6700, $0.9700, $1.2075 and 1.9500 in that order.
The Industrial Index closed 0.58 points in the positive and the Top Ten Index edged up by 0.23 points. The Mining Index was flat at previous levels.
